A bill that would reinstate the historic renovation tax credit program has been introduced in the Alabama Legislature.
Senate Bill 262, introduced by Sen. Jabo Waggoner, had its first reading on Feb. 28 by the Senate committee on Finance and Taxation Education. The bill is co-sponsored by 29 senators including Waggoner and Sen. Del Marsh, who blocked the bill last year but has pledged to fight for its passage in 2017.
The bill would establish a program similar to the one that expired in 2016, which provides an income tax credit against the tax liability of a developer for the rehabilitation of historic structures.
If the bill passes in its current form, it would create a historic renovation tax credit program that would run through 2027.
Historic Federal Reserve was renovated by the help of the historic tax credit program.